For some people, negotiating is natural; for others, it’s a dreadful process they are compelled to deal with to succeed in business and in life. To be 100% sure that you don’t end up losing the finest of the deals, you must learn and study the strategies. Each strategy comes with its own well-thought tactic. Some are better known than others; however, there’s no need to master them all. Here are 8 techniques to help you improve your current negotiation skills.
- Have a goal… and know their’s too
Before entering business negotiations, you have to specify exactly what you want to achieve from that negotiation or transaction. It’s not a good idea to wait around for an opponent to make the decision for you. To make a good counteroffer, you must determine how and if your value matches with your opponent’s needs and wants. Be specific and talk numbers – dollars, percentages, deadlines, etc. Have a goal in mind, and never go below the lowest offer you can accept.
- Have patience
Lack of patience makes people look like amateurs, and this might kill a beneficial deal. Use patience to make the other party boil; if they’re in a hurry, they’ll slip up. With a bit of luck, they might even agree to your terms just to leave the negotiation table. The exact same thing can happen to you when you’re impatient to get things over with.
- Have a cut-and-run price
When there’s a lot of tension at the negotiation table, and people are raising and lowering their offers, it’s a clear sign that you should be careful. Don’t allow your enthusiasm to turn into the biggest mistake of your life. Breathe and always remember your cut-and-run price. Never, but never agree to a contract that’s bellow that number. Have a fallback position and answer yourself this: what’s the lowest amount you can agree to?
- Value the importance of making concessions
In any type of business negotiation, sooner or later you will be compelled to compromise. Making concession is fundamental when you want to land both a good deal and a business relationship. Before the start of the meeting settle on concessions you can’t and will not make. Don’t resort to lying, and if there’s something you don’t want to negotiate then make it clear to the other party without turning the meeting into a conflicting scenario.
- Match your benefits with their expectations
In order for someone to give you something, you must provide benefits and value to them, whether in a written proposal or verbal business negotiation. After an opponent has stated his expectations, you should assess your list of attributes and search for matches to their wants. A skilled negotiator knows exactly what his opponent thrives to achieve; do whatever you can to match their expectations, but make sure you end up with something equally useful.
- Go for a win-win
To attain success in today’s cut throat business environment a win-win is as good as it gets. This approach is meant to make everyone a winner, thus the business negotiation with end on good terms for all the parties involved. Every start-up, whether small or big, famous or not, has different needs and wants. Negotiators should learn to use that to their advantage. Something that doesn’t concern you or don’t cost you a lot may be of great importance to your counterpart.
- Don’t weaken your value
There’s value to what you have to offer, and you shouldn’t allow anyone to tell you otherwise. Don’t let people make you doubt your strategies and business tactics; agreeing to a deal that doesn’t benefit your business in any way may put your whole credibility in jeopardy. It may trigger mistrust and poor judgment. As long as you have complete faith in what you can offer, there’s nothing an opponent can say to make you change your mind.
- Whatever happens, stick your principles
If you just made an offer and it’s a good offer, then don’t allow opponent to talk you out of it. Don’t allow condescension from a counterpart, fear or reprimanding language to change your mind. Put the ball in the court of your business partners by asking them why your offer doesn’t have value. They won’t be able to provide solid reasons, especially if you’re offering them a good contract with lots of benefits. Don’t back down and you’ll finally become a master negotiator!
This guest post is courtesy of Paul Trevino and TheGapPartnership.com.